Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On February 3

Petrol, Diesel Prices Today On February 3, 2024: Every morning at 6 am, the prices of petrol and diesel are revealed, regardless of whether they are undergoing fluctuations or remaining stable. This daily occurrence is driven by oil marketing companies (OMCs) adjusting prices based on international crude oil prices and foreign exchange rates.

Petrol Diesel Price News Today

Delhi Petrol & Diesel Price

As of February 3, the cost of petrol in Delhi is Rs 96.72 per litre, and diesel is priced at Rs 89.62 per litre.

Mumbai Petrol & Diesel Price

On February 3, the price of petrol in Mumbai remained above the Rs 100 mark, standing at Rs 106.31 per litre, while diesel was available at Rs 94.27 per litre.

Check city-wise petrol and diesel prices on February 3:

In India, the pricing of petrol and diesel is influenced by factors such as freight charges, value-added tax (VAT), and local taxes, leading to varying rates from state to state.

The fuel rates have remained unchanged since May 2022, when the central government and several states cut fuel taxes.

OMCs change fuel retail prices every day at 6 am by the price of crude oil throughout the world. Through excise tax, base pricing, and price caps, the government controls fuel prices.

Factors Affecting Petrol And Diesel Prices In India 

Crude oil price: Crude oil is the main raw material used to produce petrol and diesel, so its price has a direct impact on the final cost of these fuels.

The exchange rate between the Indian rupee and the US dollar: India imports most of its crude oil, so the exchange rate between the Indian rupee and the US dollar also affects the price of petrol and diesel.

Tax: The central and state governments levy several taxes on petrol and diesel. These taxes can vary from state to state, and they can have a significant impact on the final price of petrol and diesel.

The cost of refining: The cost of refining crude oil into petrol and diesel also affects the final price of these fuels. The refining process can be expensive, and the cost of refining can vary depending on several factors, such as the type of crude oil used and the efficiency of the refinery.

The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.